Asian shares hit seven-month high

Asian shares struck a seven-month high on Thursday as worries about a sharper slowdown in global growth eased after a slew of Chinese data signaled stabilization in the world's second largest economy, and the U.S. produced positive economic news, according to Reuters.

China's third-quarter gross domestic product grew 7.4 percent from a year earlier, the slowest pace since the first quarter of 2009 and the seventh straight quarter of slower growth, but matching expectations.

"This is within expectations, the economy is showing signs of stabilizing, that is good news," said Dong Tai, economist at Credit Suisse in Hong Kong. "We think that with rebounding property markets, stabilizing export orders, resuming consumption, we probably have seen the bottom of the economy."